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Nairobi has been ranked fifth in the cities with the highest number of dollar millionaires in Africa.

A new report by London-based investment migration consultancy firm Henley & Partners shows that Kenya’s capital is home to over 5,000 high-net-worth individuals (HNWIs) who have Ksh.120 million ($1 million) and above.

The 2022 Henley Global Citizens Report for the third quarter further shows that the city also hosts some 240 multi-millionaires ($10 million+) and 11 centi-millionaires ($100 million+).

Nairobi does not have any dollar billionaires.

Johannesburg in South Africa has the highest number of dollar millionaires on the continent, hosting a staggering 15,200 HNWIs, 800 multi-millionaires, 28 centi-millionaires, and two dollar billionaires.

Second in Africa is Egypt’s Cairo, which boasts of 7,800 HNWIs, 420 multi-millionaires, 28 centi-millionaires and 4 dollar billionaires.

South Africa’s Cape Town meanwhile ranked third with 6,800 HNWIs followed by Lagos which has 6,300.

On the global stage, no African city made it to the top 20 cities with the highest number of dollar millionaires.

US cities lead the pack with New York emerging as the hotspot of dollar millionaires in the world with 345,600 HNWIs. Tokyo and the San Francisco Bay Area are home to 304,900 and 276,400, respectively.

The Henley Global Citizens Report tracks private wealth and investment migration trends from high-net-worth investors and their advisors, to industry professionals, and policy makers looking to leverage residence or citizenship by investment programs.

“Being able to relocate yourself, your family, or your business to a more favourable city or have the option to choose between multiple residences across the world is an increasingly important aspect of international wealth and legacy planning for private clients,” Henley & Partners Chief Executive Juerg Steffen said.

He pointed out that a majority of the world’s top 20 wealthiest cities are in countries that host formal investment migration programmes, and actively encourage foreign direct investment in exchange for residence or citizenship.

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